COFCOInternational, the overseas business arm of Chinese agribusiness COFCO, plans to double its grain acquisitions in the Black Sea region, the Financial Times reported.

At the FT Commodities Global Summit in Lausanne, Switzerland, COFCO's top executive, Johnny Chi, revealed the move as part of COFCO's expansion to serve markets outside China. According to Chi, the company's new Black Sea ports will mainly serve exports to Western Europe.

COFCO sources more than 40 million tonnes of grain and oilseeds a year, the Financial Times said. By 2022, the company hopes to push the figure to more than 60 million tonnes.

In February, Chi described COFCO as "a fast-growing global agri-business" that is "committed to playing an integral part in the world's food system over the long term," while also establishing "core values of partnership and sustainability."

However, the company also faced a serious challenge in the form of the ongoing African swine fever outbreak in China. In late March, COFCO Meat Holdings Ltd posted a loss for 2018 of around $90 million due to falling hog prices that have impacted its pig farming business.